Yoichi Wada resigns as CEO of Square Enix

Yoichi Wada has resigned as CEO of Square Enix after the company posted a terrible financial report for the last fiscal year.

His departure looks to be the first step on the publisher’s road to ”major reforms and restructuring”, as suggested in the report itself.

“The Company expects to incur loss of approximately ¥10 billion from such restructuring efforts to be recognized as extraordinary loss about loss from restructuring in the settlement of the account for its fiscal year ending March 31, 2013,” read the publically-released document.

For the record, ¥10 billion roughly equates to $106 million or £69 million, Either way, it’s grim reading. Yosuke Matsuda will take on the role as new CEO as Square Enix begin a long journey that could see the organisation change focus and strategy in the gaming world.